Question

Unrecorded liability will be recorded in dash side of revolution account

Answer 1

Answer:

Commerce Question. All unrecorded liabilitiesshown in the debit side of realisation a/c because liabilities is expenses . Unrecorded liability will be show in the debit column of realisation account because at the time of realisation all assets are sold and all liabilitiesare settled.

Answer 2

Answer:

Revaluation account is opened for the purpose of revaluing assets and liabilities. This account is debited with all reduction in the value of assets, increase in liabilities and unrecorded liability and credited with increase in the value of asset, decrease in value of liability and unrecorded asset.

Explanation:

• Unrecorded assets and liabilities of the firm are brought into the books of the firm
• Unrecorded liabilities are debited.
• If the account finally shows a credit balance then it indicates net gain and if there is a debit balance then it indicates the net loss. Profit or loss will be transferred to the capital accounts of the old partners in old ratio.

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